Financial institutions across India are set to observe multiple closures during the month of May 2024. Customers should be aware that banks will be closed for a total of nine days, not counting the usual weekend breaks, which include Sundays as well as the second and fourth Saturdays of the month. The series of non-operational days is mainly due to the Lok Sabha elections, which began on April 19, with the subsequent phase on April 26.
The Reserve Bank of India has outlined the bank holiday schedule for May 2024, ensuring account holders and businesses plan their financial activities accordingly. The details of the holiday dates are as follows:
The first day of May brings a halt to bank operations in major Indian cities in celebration of May Day. In Maharashtra, the day also commemorates Maharashtra Day, leading to bank closures in Mumbai, Nagpur, and Belapur.
On May 7, bank services will not be available to customers in Ahmedabad, Panaji, Bhopal, and Raipur because of the voting process for the parliamentary elections.
Following closely is May 8, a bank holiday in West Bengal, observed in honor of the birthday of the revered Bengali polymath Rabindranath Tagore.
Bengaluru will witness a bank shutdown on May 10 due to the dual celebration of Basava Jayanti and Akshaya Tritiya.
As the electoral process advances, Srinagar will find its bank doors closed on May 13, in view of the General Lok Sabha elections for the year.
Sikkim’s capital, Gangtok, will be decked in celebratory fervor for State Day on May 16, coinciding with the suspension of banking activities.
Bank shutdowns will resume on May 20 in Mumbai and Belapur to accommodate the Lok Sabha elections polling.
One of the most widely marked occasions, Buddha Purnima, on May 23, will see banks closed in several cities across the country, including Tripura, Mizoram, Madhya Pradesh, Chandigarh, Uttar Pradesh, Arunachal Pradesh, Jammu, Lucknow, Bengal, New Delhi, Chhattisgarh, Jharkhand, Himachal Pradesh, and Srinagar.
Finally, on May 25, banking facilities in Agartala and Bhubaneshwar will remain non-operational due to the ongoing Lok Sabha elections.
Despite these interruptions to in-branch services, customers need not worry about carrying out their essential banking tasks. Online banking services will operate without any disturbances during all bank holidays and weekends. This ensures continuous access to financial services via the banks’ websites and mobile apps. Additionally, for immediate cash needs or other transactions, ATMs will function as usual, providing round-the-clock service.
As the May holiday schedule for banks spans across various regions for different reasons, customers are encouraged to take note of the specific days relevant to their location. Moreover, individuals are advised to plan any urgent bank-related work before or after these dates to avoid inconveniences.
It should also be noted that while some holidays such as Buddha Purnima have a nationwide impact, others are more localized and are observed only within certain states or cities due to regional significance, like Maharashtra Day and State Day in Sikkim.
The month of May, marked by its bank holidays, underscores the value in planning financial transactions and understanding the operating hours of local bank branches. As India participates in the democratic process and observes historical and cultural events, the banking sector ensures that, even on days off, customer service remains steadfast in the digital domain.
